The cost to the public and private sectors in New York? In 2013 alone, upward of $1.37 billion, according to the report’s findings.

The Insurance Information Institute’s (I.I.I.) newly updated report Cyber Risks: The Growing Threat (of which I am a co-author) sheds light on the specialist cyber insurance policies developed by insurers to help businesses and individuals protect themselves from the cyber threat.

Market intelligence suggests that the types of specialized cyber coverage being offered by insurers are expanding rapidly in response to this fast-growing market need.

I.I.I. facts and stats on identity theft and cyber security are available here.